One of the main concerns for couples going through divorce is their financial future. From stay at home spouses to high net worth individuals, they all want to know how the divorce will affect their future. Some individuals going through divorce have financial planners help them throughout the divorce process along with their lawyer. In this article, we discuss what type of divorce cases financial planners are often involved in and why.
When Financial Planners are Involved in PA Divorces and Equitable Distribution
Financial planners are often involved in high net worth divorces. However, the financial planner shouldn’t be just any kind of financial planner or advisor, like an accountant. They should be experienced in handling financial issues related to divorce.
Certified Divorce Financial Analyst (CDFA) for High Net Worth Divorces
A Certified Divorce Financial Analyst (CDFA) is a financial planner who has gone through rigorous training at the Institute for Divorce Financial Analysts. CDFAs are financial experts who have been specially trained to deal with financial issues that relate to separations and divorces. Accountants may have little or no training to deal with financial issues in a divorce.
CDFAs identify and gather financial data from the marriage and deal with financial issues such as valuing and dividing marital property, spousal support and child support, retirement plans, tax law and other issues related to dividing marital property and assets. Having a CDFA is especially helpful for individuals who have a high net worth and may have an extensive number of assets, investments and/or properties.
Firm Partner, Brian Coverdale is a CDFA
Firm partner, Brian Coverdale, is a CDFA, as well as a divorce lawyer in Pennsylvania. His firm has offices in Newtown and Doylestown. Not only does Mr. Coverdale handle divorce cases, he is also able to advise clients on the financial impact of the divorce and help them plan accordingly. He assesses the effects of a proposed settlement and provides data to his clients showing the short-term and long-term financial effects of a divorce settlement. For clients who have numerous marital assets or who are high net worth individuals, he advises them on the economic effects of keeping a certain marital asset over another. Having a lawyer who is also a financial planner is a great advantage for individuals going through divorce.
Questions about High Net Worth Divorces
If you are facing a high net worth divorce and have questions, feel free to call our office to schedule a consultation with our lawyers who have experience in handling high net worth divorces. You want to make sure that you talk to an experienced divorce lawyer who has your best interests in mind.